MYR Group Inc. (NASDAQ:MYRG) Stake Decreased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 18.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,278 shares of the utilities provider’s stock after selling 500 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in MYR Group were worth $329,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after purchasing an additional 50,848 shares in the last quarter. Trillium Asset Management LLC bought a new stake in MYR Group during the third quarter worth approximately $5,543,000. Fred Alger Management LLC bought a new stake in MYR Group during the third quarter worth approximately $4,017,000. Lord Abbett & CO. LLC raised its holdings in MYR Group by 29.8% during the third quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after purchasing an additional 20,885 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in MYR Group by 9.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock worth $21,992,000 after purchasing an additional 13,439 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 1.3 %

MYR Group stock opened at $168.16 on Friday. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 31.03 and a beta of 1.08. The firm’s 50 day moving average price is $165.32 and its two-hundred day moving average price is $145.66.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.02. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $904.76 million. During the same period in the previous year, the company posted $1.46 EPS. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. On average, research analysts predict that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a report on Monday, February 26th. Stifel Nicolaus decreased their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Finally, KeyCorp assumed coverage on shares of MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $170.75.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.